Sterne Agee raised its rating on First Cash Financial Services FCFS to Neutral from Underperform and increased its price target to $36 from $30 as shares move below price target, and the company announced share buybacks.
Sterne Agee notes, "The stock is now selling below our price target and within the expected trading range of $30 to $36 per share. This range is based on valuing the company's 2012 pawn-based earnings at 12-15x. ...First Cash announced that its board of directors has authorized the repurchase of 1.5 million shares. We believe the announced buyback is a step in the right direction; the repurchases represent approximately 5% of the outstanding shares."
FCFS closed at $35.23 per share on Thursday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in